Welcome to our dedicated page for Freight Tech news (Ticker: FRGT), a resource for investors and traders seeking the latest updates and insights on Freight Tech stock.
Freight Technologies, Inc. provides AI-enabled logistics technology for shippers, carriers, freight agencies, brokers, and cross-border trade operators. Company news centers on its software portfolio, including Fr8App, Fleet Rocket, Zayren and Zayren Pro, Fr8Radar, and DODA Smart, with recurring updates on transportation management, carrier matching, predictive freight pricing, real-time geolocation, and customs document compliance across the U.S.–Mexico freight corridor.
Additional developments cover the company's agentic AI framework, product licensing agreements, SaaS commercialization, and corporate actions. News also includes completed acquisition-related financial information for JAK Solar and updates on capital structure and strategic priorities as Freight Technologies emphasizes software-driven logistics operations.
Freight Technologies (FRGT) announced the adjournment of its 2024 Annual Meeting of Stockholders from December 12 to Friday, December 13, 2024, at 1pm Monterrey time. The postponement was necessary due to insufficient quorum, with only 44.67% of the company's common stock shares represented at the meeting, either in person, virtually, or by proxy.
The meeting was originally scheduled to consider proposals outlined in the Notice dated October 28, 2024. During the adjournment period, the company and Broadridge Financial Solutions will continue accepting votes from stockholders. Previously submitted proxies remain valid for the adjourned meeting. Shareholders registered as of October 24, 2024, are eligible to participate.
Freight Technologies (FRGT) has been selected by Nestlé Mexico to provide domestic logistics services following an extensive evaluation process. Under a two-year agreement, Fr8App will support Nestlé's logistics operations in Mexico using its freight-matching technology to optimize over-the-road shipments across multiple Mexican lanes.
The selection was based on Fr8App's demonstrated ability to meet critical standards of quality, safety, and efficiency. The company will be responsible for supporting the seamless transportation of Nestlé's products throughout Mexico, marking a significant achievement in Fr8Tech's positioning as a key player in the logistics landscape.
Freight Technologies (FRGT) announced changes in its public filing procedures after determining it no longer qualifies as a 'foreign private issuer' under SEC rules. The company will now file reports as a domestic U.S. company, including Current Reports on Form 8-K, Quarterly Reports on Form 10-Q (starting March 31, 2024), and Annual Reports on Form 10-K (beginning with fiscal year 2024). Additionally, the company will submit proxy statements for shareholder meetings.
Fr8Tech (Nasdaq: FRGT) has achieved ISO 9001:2015 certification for its operations in both Mexico and the United States, covering logistics services and transportation of goods across North America. This certification validates Fr8App's Quality Management System (QMS) and demonstrates its commitment to service excellence and continuous improvement.
ISO 9001:2015 is a globally recognized standard for quality management systems, with over one million certifications worldwide. The certification process involved rigorous evaluation of Fr8Tech's processes, documentation, and operational efficiency. This achievement strengthens the company's position in delivering efficient, reliable, and innovative logistics solutions while ensuring consistent service quality for stakeholders.
Freight Technologies (Nasdaq: FRGT) reports early success for its digital ocean freight platform, Waavely, launched in July 2024. The platform has secured four active customers since its launch, showing promising early adoption. The company is focusing on growing volume with existing clients while adding new customers. Fr8Tech is actively evolving Waavely's capabilities based on customer feedback and working to expand its network of ocean carriers, logistics providers, and shippers to meet industry demands. The platform aims to provide greater control, agility, and transparency in ocean freight logistics.
Freight Technologies (Nasdaq: FRGT) has announced a 1-for-25 reverse stock split of its ordinary shares, effective September 25, 2024. This move will reduce the number of outstanding shares from 35,844,999 to 1,433,800. The company's shares will continue trading on Nasdaq under the symbol 'FRGT' but with a new CUSIP number.
The reverse split aims to increase the per-share trading price to meet Nasdaq's $1.00 minimum bid price requirement for continued listing. Shareholders will receive one new share for every 25 pre-split shares, with fractional shares rounded up or cancelled based on specific criteria. The total number of authorized shares remains unchanged.
Freight Technologies, Inc. (Nasdaq: FRGT) has secured a significant contract with Bayer CropScience LP for the 2025 season. Fr8App, a subsidiary of Fr8Tech, has been awarded six essential cross-border lanes to provide truckload services for Bayer's various business units in the United States. This strategic win comes after a competitive Request for Proposal process and marks a major advancement in Fr8Tech's cross-border over-the-road (OTR) offering.
The selection aligns with Bayer's goals of supplier consolidation, cost optimization, cross-divisional synergies, and enhanced carrier performance. Fr8App will focus on facilitating seamless and secure transportation across the US-Mexico border, ensuring timely and reliable delivery of Bayer's agricultural products.
Freight Technologies (FRGT) reported strong preliminary mid-year results for 2024, with revenue growing 6.6% year-over-year to $8.1 million. The company's Fr8Fleet business saw over 100% growth, driven by an 82% increase in shipments. Gross profits rose 40% to $1.0 million, with margins improving by 280 basis points to 11.8%. Fr8Tech revised its full-year 2024 revenue forecast to $15-$20 million.
The company announced the commercialization of its Transportation Management System (TMS) solution, a significant milestone in its evolution as a logistics management innovator. The TMS aims to provide a comprehensive digital command center for logistics teams, offering real-time tracking, carrier selection, route management, and integration with inventory and billing systems.
Freight Technologies (Nasdaq: FRGT) has reached an agreement with Freight Opportunities to extinguish $1.1 million of outstanding debt. This includes $906,000 in promissory notes and accumulated interest, plus $220,000 in Convertible Notes. The move is seen as a vote of confidence in the company's long-term prospects and management's ability to drive innovation in the USMCA logistics market.
CEO Javier Selgas and CFO Don Quinby both expressed positive sentiments about the development. Quinby noted that the transaction strengthens the company's balance sheet, improves shareholders' equity, and frees up cash for business investment. Freight Opportunities remains committed as an equity investor in Fr8Tech, believing in the company's long-term potential, technology, and management team.
Freight Technologies (Nasdaq: FRGT), developer of the AI-powered freight-matching platform Fr8App, has engaged IGNITION Investor Relations to enhance its strategic investor relations program. This partnership aims to improve Fr8Tech's visibility within the institutional and retail investment community.
Donald Quinby, CFO of Fr8Tech, expressed excitement about the collaboration, highlighting Ignition's seasoned professionalism and relevant IR experience. The company believes Ignition's extensive investment community network will complement Fr8Tech's leadership in communicating its value proposition to investors.
Fr8App, Fr8Tech's custom-developed platform, offers real-time B2B cross-border and domestic shipping solutions within the USMCA region, leveraging AI and machine-learning technologies.